What to Keep From Your Closing

§ The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need this for income tax purposes and when you sell the home.

§ The Truth in Lending Statement summarizes the terms of your mortgage loan.

§ The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

§ The deed transfers ownership of the property to you.

§ Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.

§ Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association’s rules and restrictions.

§ Insurance policies provide a record and proof of your coverage.

DISCLAIMER

Information presented on this website, including any online database information, is collected, maintained and provided for the convenience of our customers. While every effort is made to keep such information accurate and up-to-date, No.1 Quality Realty -- Cookeville Division or it's agents do not certify the authenticity of information herein that originates from third parties. No.1 Quality Realty -- Cookeville Division or it's agents shall under no circumstances be liable for any actions taken or omissions made from reliance on any information contained herein from whatever source or any other consequences from any such reliance.

Debra L. Dodd, Owner Dale Wilson Principal Broker, No.1 Quality Realty -- Cookeville Division, Phone: 931-520-6401 ext. 112

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